With beautiful locations like the Costa del Sol and the many amazing luxury properties that are located within this coastal region, it’s not surprising that so many people choose to move to this part of Spain. If you’re considering making a move yourself, you may be wondering if the fact that you’re not a Spanish resident might hold you back or create obstacles.
If you’re in this situation, maybe reading answers to a few of the questions that our team of experts here at Luxury Property Finder Marbella are commonly asked will help you to better understand that it could be far easier than you think.
Are foreigners allowed to buy properties in Spain?
This is one of the questions that’s on most people’s minds when it comes to buying in Marbella, Málaga, or essentially any part of this coastal region. The good news is that most foreigners hoping to find a property for sale in Spain won’t have to worry about any additional complications during the buying process.
There aren’t any restrictions in place to prevent you from buying a house on the Costa del Sol; in fact, you’re likely to find that the government encourages investors from around the globe to purchase properties here. Whether its residential, land, or even commercial, you should be allowed to buy the home you want in Spain with ease.
Can I get citizenship if I buy a property here?
Another common question is about residency – and fortunately, the Golden Visa residency program is ideal for any new home buyers in Spain. In a nutshell, anyone who buys a home worth more than €500,000 can apply for this type of visa, as it was made for non EU-residents specifically to try and attract foreign investors. It’s a win-win situation for all; the country gets more investments, and home buyers can obtain a residency permit with little hassle.
Does the home buying process differ?
When buying a house in a different country, it’s often best to make sure that you have everything you need to hand, but if there are variations in the process that you don’t know about, you might run into some difficulty (for example, you need to give a down-payment directly to the seller and non-Spanish residents will need to pay an additional Non-resident Property Tax). It might be worth getting in touch with a team of experts to help you tackle region-specific rules and regulations – and our team would be happy to assist you.
What’s the best way to go about the buying process?
Whether you’re looking for beachfront apartments in Málaga or luxurious villas in Sotogrande, you’re going to want to make sure that you get everything right. Here are our suggestions to ensure that each part of the process (from finding a property, to making the transaction) goes as smoothly as possible:
- Consider the costs that can come with buying a house outside of the property’s value (such as taxes) and come up with a suitable budget
- If you don’t have a tax identification number, get in touch with the Spanish administration to get one
- When you’re confident that everything’s in place ready for a purchase to be made, you can start house hunting – or leave it to experts like ours if you’re hoping to get the best options possible and save yourself time and hassle
- Before execution, a letter of intent or a reservation agreement may be presented by one party to another, and negotiated before the transaction is complete
- Pay for the property and finally, finish off the process
In most cases, it’s just these 5 steps that you’ll need to follow in order to start living a life of luxury in the fabulous region of the Costa del Sol.
Is it worth buying a home here?
Finally, we’d like to explain one last thing: this Spanish region is absolutely beautiful, and we’re sure that you’re going to just love living here. There’s so much on offer, with amazing beaches, stunning houses, a variety of activities and luxury amenities – and all of this can cater to almost anything you could ask for.
So many people consider this to be the perfect destination for a luxurious lifestyle and we believe that you’ll agree. Take a look at a few of our other posts (or even some of our listings!); you’re sure to get a good idea of what’s on offer if you do.
